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Hollywood Bowl Group
Ten-pin bowling operator

Hollywood Bowl Group

In September 2014, Epiris acquired The Original Bowling Company, the UK's largest ten-pin bowling operator, for a total transaction value of £91 million. Funds under the management of Epiris invested £50 million of equity in the deal alongside the management team. In September 2016 the business rebranded as Hollywood Bowl Group.

Business
Hollywood Bowl Group is the UK's largest ten-pin bowling business with 54 bowling centres operating under the Hollywood Bowl (31 sites), AMF (12 sites) and Bowlplex (11 sites) brands. Hollywood Bowl Group specialises in large, high quality bowling centres, predominantly located in leisure or retail parks, which offer a complete family entertainment experience with restaurants, licenced bars, and state-of-the-art family games arcades. The company employs over 2,000 team members.

Rationale
Hollywood Bowl Group is the market leader in an industry which offers excellent growth opportunities. The business has a strong track record of industry outperformance, thanks to an excellent management team and a history of investment-backed growth.

Strategy
Our plan was to accelerate the company’s growth: working closely with management, we expanded the capital investment programme, focused on improving yield and led the acquisition of Bowlplex.

Update
In December 2015, Hollywood Bowl Group acquired ten-pin bowling operator, Bowlplex. We invested a further £10 million, in the form of a mezzanine loan, to help fund the deal. The Bowlplex sites are well located family bowling centres and their addition is an important step in the growth strategy. Also in December we invested a further £11 million to acquire an interest in Hollywood Bowl’s senior debt at a discount to par.

In September 2016 Hollywood Bowl successfully completed an initial public offering (“IPO”) on the main market of the London Stock Exchange, valuing the equity and debt investments in the group at £217 million. On admission funds under the management of Epiris received cash proceeds of £153 million from the sale of its equity investment as well as £22 million from the repayment of two debt instruments. In addition we continues to hold approximately 18% of the issue share capital of the company with a valuation at the offer price of £42 million.

Status

Active

Activity

Ten-pin bowling operator

Sector

Leisure

Transaction type

Buyout

Initial investment

Sep 2014

Location:

UK

Website:

www.hollywoodbowlgroup.com

54

bowling centres

over 2,000

team members
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